To Whom Distributions Are Made. Unless named in this Agreement or unless admitted as a Member as provided in this Agreement, no Person shall be considered a Member in the Company. Any distribution by the Company to the Person shown on the Company records as a Member, or to such Member’s legal representatives, or to a named assignee of the right to receive distributions, shall acquit the Company and the Members of all liability to any other Person who may be interested in such distribution by reason of an assignment by a Member or for any other reason. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to a Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law.
Appears in 6 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Agreement (Carey Watermark Investors 2 Inc), Limited Liability Company Agreement (Carey Watermark Investors 2 Inc)
To Whom Distributions Are Made. Unless named in this Agreement or unless admitted as a Member as provided in this Agreement, no Person person or entity shall be considered a Member in the Company. Any distribution Distribution by the Company to the Person person shown on the Company records as a Member, or to such Member’s legal representatives, or to a named assignee of the right to receive distributionsDistributions, shall acquit the Company and the Members of all liability to any other Person person who may be interested in such distribution Distribution by reason of an assignment by a Member or for any other reason. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to a Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law.
Appears in 2 contracts
Samples: Membership Interest Purchase Agreement (Red Lion Hotels CORP), Limited Liability Company Agreement (Red Lion Hotels CORP)
To Whom Distributions Are Made. Unless named in this Agreement or unless admitted as a Member as provided in this Agreement, no Person shall be considered a Member in the Company. Any distribution by the Company to the Person shown on the Company records as a Member, or to such Member’s legal representatives, or to a named assignee of the right to receive distributions, shall acquit the Company and the Members of all liability to any other Person who may be interested in such distribution by reason of an assignment by a Member or for any other reason. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to a Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)
To Whom Distributions Are Made. Unless named in this Agreement or unless admitted as a Member as provided in this Agreement, no Person person or entity shall be considered a Member in the Company. Any distribution by the Company to the Person person shown on the Company records as a Member, or to such Member’s 's legal representatives, or to a named assignee of the right to receive distributions, shall acquit the Company and the Members of all liability to any other Person person who may be interested in such distribution by reason of an assignment by a Member or for any other reason. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to a Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law.
Appears in 1 contract
